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Report finds that banks fail to screen for illegal mining risks
According to a report from the World Wide Fund for Nature (WWF), and financial crime risk platform Themis, many banks and investors fail to screen for illegal mining risks even though they operate in high-risk sectors. The study, which was shared with, revealed that approximately 40% of financial institutions surveyed do not conduct due diligence to check for illegal mining risks, despite the fact that 84% of them operate in at least one sector high-risk, such as transport or transit. The report, which was based on an investigation of 647 institutions in 22 countries, said that minerals are shipped overseas often in containers. Fewer than 2% are inspected. This creates opportunities for illegally-mined resources to enter the global supply chain. NEW OPPORTUNITIES FOR ?ORGANISED CRIME One respondent said that clients were mislabeling precious stones to appear as "apparel" in order to avoid audits. This was a 'known loophole', it stated. Illegal mining generates at least $48 Billion in criminal proceeds each year. These criminal proceeds are linked to crimes such as environmental and sanctions violations, money laundering and corruption, tax evasion, and terrorist funding. The emergence of 'illicit' extraction networks is a result of the rising prices for metals like copper, gold, and?silver. The sector is attractive to organized 'criminals' looking for revenue and a means to 'launder money. The report stated that banks and investment firms could be exposed to cyber-attacks through trade finance, lending, commodity trading, and investment portfolios. The report added that better screening tools and staff training, as well as greater transparency in the supply chain, could help financial institutions to identify transactions related to illegal mining. Clara Denina reported. Mark Potter (Editing)
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Researchers in Spain have developed a low-cost artificial eye from fish scales
Researchers from Spain's University of Granada developed a.. artificial cornea made..from the scales..of several fish species that are commonly found on markets. This..could be a..lower-cost option to..donor transplants..for severe eye disease. It is hard to repair the cornea, which is the transparent layer of the eye. This is because it lacks blood vessels and has a limited capacity for regeneration. The treatment of severe corneal disease often involves?donor?transplants. However, organ availability and waiting lists can limit the number of transplants available. In a press statement, scientists from the University's Tissue Engineering Group (TEG) and the ibs.GRANADA Biomedical Research?Institute claimed that they had developed corneal implants made of fish scales which were "highly biocompatible and transparent". Ingrid Garzon is a professor of histology and co-author of the study. She said that due to its origins, the product was very "accessible", easy to obtain, and cheap. It could also help boost local fishing. Although testing has shown that the technology could be used to repair and regenerate corneal tissue, it is still far from being clinically useful in humans. The team stated that the material showed good results in both laboratory tests and in animals who received implants. The'release' stated that "although the standard transplant is usually successful, it is necessary to develop new effective regeneration methods which do not depend on organ donations, which are subject to long waiting lists." Miguel Alaminos also works as a professor of histology at the same university. Researchers at Antwerp University published a peer-reviewed article in 2016 that found artificial corneas made from fish scales to be biocompatible for humans.
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Sources say that Bain Capital is closing in on the record Asia fund of $10.5 billion.
Bain Capital has raised a record $10.5 billion for its sixth pan-Asian private equity fund, according to two sources with knowledge of the matter. This is well above its target of $7 billion. One person said that the firm had raised $9 billion in capital from the limited partners of the fund and planned to add $1.5 billion to its own capital. This will make the fund the largest Asia-focused vehicle to date. Sources declined to name themselves as the information was private. Sources?said that Bain Capital raised $2 billion separately for a fund targeting midcap deals in Japan. The Boston-based firm of investment declined to comment. Bloomberg reported the first fundraising figures on Tuesday. Strong Investor Interest?IN ASIA Bain Capital’s smooth fundraising highlights strong investor interest in?Asia, especially Japan?where the firm is heavily focused, amid market volatility, geopolitical uncertainty, and the firm's focus on the region. The company has been investing in Japanese companies for 20 years, including major deals like the $18 billion purchase of Toshiba Corp.'s memory chips business and the $5.5 billion purchase of York Holdings - the non-core businesses of Seven & i Holdings. The firm has a significant presence in Greater China and India. It raised $7.1 billion for its fifth pan-Asia fund in 2023. This fundraising is part of a growing list of mega-sized pan-Asian buyout funds raised globally by investment firms. Sweden's EQT secured $11.4 billion of commitments for its Asia-focused buyout fund. Fundraising is expected to finish before the end of this year. Sources have confirmed that Blackstone raised more than $10?billion to fund its third Asia private equity fund. The fund has a hard cap of $12.5 'billion, they said. KKR reported that it has begun fundraising for its fifth Asia Private Equity Fund, which targets $15 billion.
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Greenpeace activists confront Macron at the nuclear summit in France
Two Greenpeace activists rushed onto the stage during a global nuclear summit held in France on February 2, interrupting Emmanuel Macron, President of France and Rafael Grossi, U.N. nuclear watchdog chief. The protesters were dressed in black suits with ties and held banners that bore the Greenpeace logo, and read "Nuclear Power= Energy Insecurity", and "Nuclear Power fuels Russia's War". Macron was shouted by one of the protesters, "Why are we still buying Uranium from Russia?" The president responded, "We produce nuclear power ourselves." According to the latest data from the French government, France not only has its own uranium-enrichment capability, but it also imports uranium-enrichment for its power plants. This includes uranium imported from Russia. According to the World Nuclear Association (WNA), Rosatom, the Russian state-owned nuclear company, will account for?about 44% of?global capacity to enrich uranium in 2025. Four years after Russia invaded Ukraine, European nuclear producers are still struggling to get off this supply. Greenpeace said that around 15 activists had blocked convoys arriving outside the venue in Boulogne Billancourt, on the outskirts Paris. On Tuesday, France will host the second World Nuclear Energy Summit. Leaders from around the world will gather to discuss and promote nuclear energy. Greenpeace France said that the summit was "anachronistic" and out of touch with current events. The group cited the 'tragic situations' of Russian aggression in Ukraine, strikes on Iran and the impact of climate disruption. (Reporting by Gianluca Lo Nostro in Paris, Inti Landauro in Brussels; Editing by Andrei Khalip)
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Von der Leyen: EU's decision to abandon nuclear power was a strategic error
Ursula Von der Leyen, President of the EU Commission, said that the decision to reduce nuclear energy's share in the mix of electricity production?in Europe was a strategic error. She said in a speech in Paris at a nuclear energy event that "this reduction in nuclear share was a decision, and I believe it was a mistake for Europe to turn its back on an affordable, reliable source of low-emission power." She said that in 1990, the EU relied on nuclear power for a third of its electricity. Now, it's only about 15%. She added that the European Union wants to?stimulate the development of small reactors in order to reduce Europe's dependence on fossil fuel imports. "We are witnessing a global renewal of nuclear energy." "Europe wants to be a part of this," von der Leyen said when she announced the EU's 200 million euro ($233 million) investment guarantee to encourage investments in?the?development of small modular reactors. She said that the money would come from a system of trading emissions in the EU. She said, "We would like to see this technology operational by the early 2030s." Von der Leyen said that the soaring prices of energy caused by the Middle East war were a "stark reminder" of Europe's vulnerability, as an importer of fossil fuels. He also stressed the importance of increasing the production of power from renewable sources and nuclear reactors.
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Exxon to abandon New Jersey incorporation in favor of Texas homecoming
Exxon Mobil wants to abandon its corporate registration in the state of New Jersey and re-incorporate in Texas, where its headquarters is located. This move could strengthen its defenses against climate activists and activist shareholders. Exxon made the announcement in a proxy file. If shareholders approve the move, Exxon will become the latest high-profile company to register in Texas, joining SpaceX, Tesla, and Coinbase. A new Texas law improved legal protections for business through various mechanisms. This included reducing shareholder litigation threats by allowing companies to set stock-ownership thresholds. The company stated in its filing that "the Board believes Texas legislators and judges who could make decisions that impact Exxon Mobil, are generally more knowledgeable about our business and operations." Longtime environmental lawsuits have been filed against the top U.S. producer of oil, with its physical headquarters in Spring, Texas. New Jersey officials will sue Exxon, Chevron, and other fossil fuel?companies by 2022. They claim that these companies 'contributed to the climate change and forced New Jersey to spend billions to clean up from major natural disasters like Superstorm Sandy and hurricane Ida. The lawsuit was dismissed in 2017. Jill Fisch, law professor at the University of Pennsylvania, says that incorporating in the state where a company has its headquarters will help the executives to get the attention of politicians who can assist them with tax questions or other issues. She said that incorporating in your state is a great way to show loyalty to your home and to get legislators to take notice of you. Exxon has its roots in New Jersey, but its headquarters are in Texas. Exxon introduced a new program in September to prevent activist shareholder resolutions at annual meetings. The program allows retail investors to vote automatically in accordance with the board's recommendation. Nearly 40% are owned by individuals, but only a quarter vote during the proxy season. They mostly support the company board. Texas has tried to?reinforce its reputation as a haven for businesses and has been a big beneficiary as companies such as Delaware have left the state, which was a popular destination for incorporation. Reporting by Sheila Dang, in Houston; and Ross Kerber, in Boston. Editing by Nathan Crooks & Muralikumar Aantharaman.
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Hugo Boss says Middle East conflict has not yet affected its profits, despite exceeding estimates.
The German fashion group Hugo Boss announced a better-than expected annual operating profit on Tuesday, despite a difficult market environment. It also said that it has not yet felt the impact of the Middle East conflict. The company's earnings before interest and tax (EBIT), which were 391 million euro ($455million) in 2025, are up from 361 millions euros a year ago, and well above the average analyst forecast of 379million euros, according to a poll conducted by the company. Early trading saw a 4% rise in shares of the company. The stock has risen 1.3% from the beginning of the year, including today's session. This is the best day for the stock since July 2025. Hugo Boss has confirmed that it will be releasing its 2026 full-year forecast in December of last year. In a recent statement, Chief Executive Officer Daniel Grieder stated that "2025 highlighted once again the rapid transformation of our industry, shaped largely by technological innovation, evolving consumer preferences, and continued macroeconomic and geopolitical uncertainties." Grieder said that 2026 would be the year for the company to realign its brand and channels, which will have a temporary impact on top-line and bottom-line growth. Hugo Boss introduced a new brand strategy in December of last year. The goal was to?strengthen the brand through improving stores, focusing its attention on categories with high growth, such as shoes and accessories, while also developing womenswear. Luxury groups have been hit by tighter consumer spending and a'slowing in demand for fashion and accessories, particularly in the U.S. Risks due to SURGING OIL Prices Grieder, when asked about the conflict in?Middle East's impact on the company, told reporters the company had not yet seen any. He said, "If they do, we will adapt our business according to the new circumstances." The escalating Middle East conflict has sent global markets into a tailspin and significantly dampened investor's economic optimism. Investors are worried that the conflict could cause an oil price spike, which would increase inflation and delay interest rate reductions.
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Gabon's indecisive push for IMF loans leads to regional return to Fund
After a coup and a controversial election, Gabon has had four different finance ministers in the last three years. It is now turning to the International Monetary Fund for help to 'put its fiscal house back in order. The Central African OPEC member's financial stability could be improved by its push for an IMF Loan, which is a requirement to unlock investor cash and international funding. This will likely also have significant consequences for its cash-strapped neighbours in the region. Investors and rating agencies may view the IMF program as 'crucial', but concerns over Gabon's transparency in debt and its willingness to implement tough reforms has led to skepticism. Jose Mantero is a sovereign analyst with Fitch Ratings. "A number of significant obstacles remain including the government's aggressive fiscal policy and the possibility of radical, unpopular reforms which would be politically challenging under the current conditions." The Fund concluded a 10-day trip to Gabon on Friday. It was its first visit since the government announced it wanted an IMF Loan after toying around with the idea for more than a year. The IMF concluded the visit by saying that talks will continue and adding that prudent policies are critical to safeguarding stability in Gabon as well as the wider region. The first time since a number of nations in Central African Economic and Monetary Community, (CEMAC), signaled that they would also seek IMF assistance. This was due to a regional funding crisis which has left nations with low ratings with few financing options. GABON'S DISCREET RECORD AND DATA CONCERNS COMPLICATE IMF PUSH Gabon's economy has been impacted by years of political instabilities, resulting in a financial crunch. Reserves have also decreased. The Finance Ministry said that the IMF visit was part of the government's desire to improve transparency, budget rigidity, and sustainability of public finance. The government still has not made a formal request for a new program to the IMF. Gabon may have to face a difficult time attracting the Fund due to its inconsistent track record and concerns about transparency. The IMF says that its last programme, a three-year facility which was approved in 2021, "veered off track" only a year after. Open Data Inventory, a non-profit organization that assesses the transparency of official statistics in a country, places Gabon at 171st place out of 198. The lack of data is the biggest challenge facing Gabon, said Carmen Altenkirch. She is an emerging markets sovereign analyst with Aviva Investors. It is difficult to determine how much fiscal adjustment Gabon will need, such as spending cuts, revenue increase, or both. "We are still concerned about the size of the fiscal expenditure in 2025 and the level of the public debt," said Yvette Baby, a William Blair portfolio manager. Babb says that because of the fog, it is unlikely that a deal will be reached until later in the year. The data available is worrying. Fitch Ratings warned last year that a large fiscal deficit in 2026's budget would make it difficult to obtain an IMF loan. GABON PRESSED TO CLEAN UP IT'S ACT, REGION UNDER STRIKE The efforts of Gabon to get back in the good graces of IMF matters beyond its borders. Civil unrest erupted in Cameroon last year, the largest economy of the CEMAC bloc, after a controversial election gave 93-year old President Paul Biya his eighth term. The region is plagued by security issues, including the Chad, Republic of Congo and Equatorial Guinea. Fitch Ratings stated that Gabon has a "increasingly relied on the CEMAC Market" for borrowing. However, the serious liquidity crisis in the region will make it difficult to find new funding. Daniel Lebetkin is the Africa Debt Finance Director at Citi. The international markets are also costly for Gabon, and other CEMAC nations like Republic of Congo. Both have debt ratios above the critical threshold of 70% of GDP. In November, Republic of Congo raised 670 million dollars in a private placing priced at a reoffer rate of 13.7%. This is above what many analysts consider sustainable. Cameroon, and the Republic of Congo, regularly ask investors to provide financing through private placements. Thys Louw, a Portfolio Manager with Ninety One's emerging markets fixed income group, confirmed this. He said that the only way to save the region was for everyone to be on IMF programs. Oil producers benefit from recent oil price spikes. The war in the Middle East is to blame for this. Investors said that despite the lack of funding options, debt repayments are looming and this is putting pressure on Gabon. Babb, William Blair's advisor on Africa, said: "It is a game changer because there are regional pressures on the government of (Gabon) to comply and do what it says."
Aluminum prices drop as Trump's Iran-war comments ease supply concerns
Aluminum prices fell on Tuesday as profit-taking was a factor, while President Donald Trump's promise of a "rapid end to the Middle East War" eased supply concerns.
As of 1030 GMT, the benchmark three-month price for?aluminum on London's Metal Exchange had fallen by 1.2% to $3,343 per metric ton.
On Monday, the contract reached its highest level since March 2022, at $3,544, as concerns grew over possible shutdowns of Gulf Smelters who are unable to ship goods through the Strait of Hormuz.
Trump predicted on Monday that the conflict would be over quickly, but warned that he'd escalate it if Tehran tried to stop?oil deliveries.
Aluminum fell as much as 3% in the first session of Tuesday.
Nitesh S., a commodity strategist at WisdomTree, said: "I don't think everyone realizes how difficult it is to restart an aluminum smelting plant after it has been shut down." It takes some time. This is happening at a time when the aluminium market is already tight.
Shah added that the projected "wafer thin" aluminium surplus of 2026 would now be a deficit.
There was an order in Asia where the spot aluminum premiums are high to remove 98,150 tonnes of aluminium from LME's warehouses at Port Klang, Malaysia.
This volume represents 21,7% of the total aluminium in the LME warehouse?system.
Copper?rose by 1.2%, to $13,103.50 per ton. "Any sign that tensions are easing could lead to a bit more optimism in the cyclical market. Shah added that copper was gaining a boost today.
In the first two weeks of this year, China's imports of copper fell by 16.1%.
Zinc?was?the biggest gainer due to rising electricity prices.?Zinc rose 1.3%?to?$3,370, while nickel firmed by 0.2% to $17.515, lead increased by 0.1% to $2,938.50, and tin fell 0.8% to $50,00030. (Reporting and editing by Sumana Nandy; Additional reporting by Amy Lv, Lewis Jackson and Janane Vekatraman; Editing by Rashmi Anandy, Sumana Nandy and Janane Aich)
(source: Reuters)